Penn Mutual Asset Management
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Penn Mutual Asset Management reported 52 stock positions worth $30.7 million. Its top holding was AGNC Investment (AGNC) at 11.6% of the portfolio, followed by Annaly Capital Management (NLY, 11.4%) and Armour Residential REIT (ARR, 11.2%). Compared with Q4 2023, it opened 14 new positions, sold out of 32, added to 9 and reduced 20. The biggest buy was a new position in Armour Residential REIT (ARR) and the biggest sale an exit from Morgan Stanley Emrg MRK Dom (EDD).
- Most Recent 13F
- Q2 2026
- Location
- Conshohocken, PA
- CIK
- 0000855702
- Portfolio Value
- $30.7M (Q1 2024)
- SEC Filing
- 0000950123-24-005593 ↗ filed May 15, 2024
Holdings Value
Holdings 52 stocks · $30.7M
| AGNC AGNC Investment Corp. | 11.62% | 360,000 | $3.6M | Add +260.0% |
| NLY Annaly Capital Management Inc. | 11.40% | 177,588 | $3.5M | Add +255.2% |
| ARR Armour Residential REIT Inc. | 11.22% | 174,050 | $3.4M | New |
| PFF iShares Preferred & Income S | 10.22% | 97,300 | $3.1M | No change |
| UTMD Utah Medical Products Inc. | 2.99% | 12,898 | $917K | Reduce -75.7% |
| IDCC Interdigital Inc. | 2.22% | 6,400 | $681K | Add +113.3% |
| PHAT Phathom Pharmaceuticals Inc. | 2.17% | 62,802 | $667K | No change |
| FF Futurefuel Corp. | 1.93% | 73,452 | $591K | Reduce -88.7% |
| RELL Richardson Elec Ltd. | 1.83% | 60,784 | $560K | Reduce -79.3% |
| OPRA Opera Ltd.-ADR | 1.70% | 33,000 | $522K | Reduce -34.0% |
| MPLX MPLX LP | 1.66% | 12,270 | $510K | Reduce -72.7% |
| HEES H&E Equipment Services Inc. | 1.65% | 7,900 | $507K | Add +69.9% |
| WTTR Select Water Solutions Inc. | 1.63% | 54,100 | $499K | New |
| DINO HF Sinclair Corp. | 1.59% | 8,055 | $486K | New |
| NPK National Presto Inds Inc. | 1.49% | 5,450 | $457K | Reduce -80.1% |
| DVN Devon Energy Corp. | 1.46% | 8,950 | $449K | Reduce -59.2% |
| HII Huntington Ingalls Industrie | 1.46% | 1,535 | $447K | Reduce -12.8% |
| OGN Organon & Co. | 1.45% | 23,650 | $445K | Reduce -82.1% |
| EMLC Vaneck JPM Em Local Curr BND | 1.44% | 18,000 | $441K | Reduce -63.2% |
| ATRI Atrion Corporation | 1.44% | 950 | $440K | Reduce -81.5% |
| TRAK Repositrak Inc. | 1.40% | 27,166 | $431K | Add +34.7% |
| AAP Advance Auto Parts Inc. | 1.30% | 4,700 | $400K | Add +17.5% |
| AEM Agnico Eagle Mines Ltd. | 1.20% | 6,150 | $367K | Reduce -76.5% |
| DK Delek US Holdings Inc. | 1.15% | 11,500 | $354K | New |
| HCSG Healthcare Services Group | 1.13% | 27,770 | $347K | Add +65.6% |
| BAX Baxter International Inc. | 1.10% | 7,900 | $338K | New |
| WBA Walgreens Boots Alliance Inc. | 1.09% | 15,400 | $334K | Reduce -90.4% |
| NTIC Northern Technologies Intl | 1.05% | 23,860 | $321K | No change |
| B Barrick Gold Corp. | 1.04% | 19,100 | $318K | Reduce -84.0% |
| YORW York Water Co. filed as YORK WTR CO | 0.89% | 7,500 | $272K | New |
| EPM Evolution Petroleum Corp. | 0.86% | 43,168 | $265K | Reduce -93.8% |
| ARCO Arcos Dorados Holdings Inc. Class A | 0.83% | 23,000 | $256K | No change |
| IP International Paper Co. | 0.83% | 6,500 | $254K | New |
| PRGO Perrigo Co. PLC | 0.82% | 7,800 | $251K | Add +13.0% |
| MTB M & T Bank Corp. filed as M & T BK CORP | 0.81% | 1,700 | $247K | Reduce -45.6% |
| PKE Park Aerospace Corp. | 0.79% | 14,645 | $244K | Reduce -95.0% |
| CMTL Comtech Telecommunications | 0.79% | 71,004 | $244K | Reduce -79.3% |
| AA Alcoa Corp. | 0.77% | 7,000 | $237K | New |
| MDT Medtronic PLC | 0.77% | 2,700 | $235K | No change |
| DUK Duke Energy Corp. | 0.76% | 2,400 | $232K | No change |
| SJM The JM Smucker Co. filed as SMUCKER J M CO | 0.75% | 1,825 | $230K | No change |
| MOS The Mosaic Co. | 0.74% | 7,000 | $227K | New |
| GIL Gildan Activewear Inc. | 0.73% | 6,000 | $223K | New |
| FE Firstenergy Corp. | 0.73% | 5,760 | $222K | No change |
| KHC The Kraft Heinz Co. | 0.72% | 6,000 | $221K | Reduce -89.3% |
| PREMIER INC-CLASS A | 0.72% | 10,000 | $221K | No change |
| CHCT Community Healthcare Trust I | 0.71% | 8,250 | $219K | New |
| BRC Brady Corporation Class A | 0.71% | 3,660 | $217K | Reduce -52.2% |
| KDP Keurig Dr Pepper Inc. | 0.70% | 7,000 | $215K | New |
| VHI Valhi Inc. | 0.57% | 10,121 | $174K | New |
| LXFR Luxfer Holdings PLC | 0.52% | 15,500 | $161K | New |
| MKTW Marketwise Inc. | 0.47% | 82,500 | $143K | Add +8.6% |
Other holdings (10): bonds, preferreds, convertibles and warrants · $16.2M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| WELLS FARGO & COMPANY (WFC 7.5 PERP L) | PERP PFD CNV A | 6,000 | $7.3M | No change |
| IONIS PHARMACEUTICALS IN (IONS 0.125 12/15/24) | NOTE 0.125%12/1 · principal | 2,756,000 | $2.6M | Reduce -50.0% |
| HALOZYME THERAPEUTICS IN (HALO 0.25 03/01/27) | NOTE 0.250% 3/0 · principal | 1,555,000 | $1.4M | No change |
| TURNING POINT BRANDS INC (TPB 2.5 07/15/24) | NOTE 2.500% 7/1 · principal | 1,250,000 | $1.2M | No change |
| CRACKER BARREL OLD COUNT (CBRL 0.625 06/15/26) | NOTE 0.625% 6/1 · principal | 1,250,000 | $1.1M | No change |
| EURONET WORLDWIDE INC (EEFT 0.75 03/15/49) | NOTE 0.750% 3/1 · principal | 734,000 | $712K | No change |
| VERINT SYSTEMS INC (VRNT 0.25 04/15/26) | NOTE 0.250% 4/1 · principal | 500,000 | $469K | New |
| LENDINGTREE INC (TREE 0.5 07/15/25) | NOTE 0.500% 7/1 · principal | 500,000 | $464K | New |
| CONMED CORP (CNMD 2.25 06/15/27) | NOTE 2.250% 6/1 · principal | 500,000 | $460K | New |
| CARDLYTICS INC (CDLX 1 09/15/25) | NOTE 1.000% 9/1 · principal | 500,000 | $457K | New |
Total filed on the 13F, all lines: $46.9M.
Portfolio Sells Q4 2023 → Q1 2024
| EDD Morgan Stanley Emrg MRK Dom | Sold out | 0.00% | −4.04 |
| BCX BlackRock Resources & Commod | Sold out | 0.00% | −3.87 |
| MIXT Mix Telematics Ltd.-SP ADR | Sold out | 0.00% | −3.73 |
| ABERDEEN ASIA PACIFIC INCOM | Sold out | 0.00% | −3.66 |
| NAT Nordic American Tankers Ltd. | Sold out | 0.00% | −3.59 |
| PKE Park Aerospace Corp. | Reduce -95.0% | 0.79% | −3.05 |
| NSA National Storage Affiliates | Sold out | 0.00% | −2.81 |
| EPM Evolution Petroleum Corp. | Reduce -93.8% | 0.86% | −2.79 |
| MMM 3M Co. | Sold out | 0.00% | −2.75 |
| WBA Walgreens Boots Alliance Inc. | Reduce -90.4% | 1.09% | −2.69 |
| DLY Doubleline Yield Opport | Sold out | 0.00% | −2.67 |
| OHI Omega Healthcare Investors | Sold out | 0.00% | −2.23 |
| T AT&T Inc. | Sold out | 0.00% | −2.15 |
| CVS CVS Health Corp. | Sold out | 0.00% | −2.12 |
| IBM Intl Business Machines Corp. | Sold out | 0.00% | −2.08 |
| AGX Argan Inc. | Sold out | 0.00% | −2.01 |
| CMTL Comtech Telecommunications | Reduce -79.3% | 0.79% | −1.81 |
| RELL Richardson Elec Ltd. | Reduce -79.3% | 1.83% | −1.70 |
| CPB The Campbell's Company | Sold out | 0.00% | −1.67 |
| ET Energy Transfer LP | Sold out | 0.00% | −1.66 |
| FF Futurefuel Corp. | Reduce -88.7% | 1.93% | −1.63 |
| FBRT Franklin BSP Realty Trust Inc. | Sold out | 0.00% | −1.62 |
| VZ Verizon Communications Inc. | Sold out | 0.00% | −1.59 |
| PAA Plains All Amer Pipeline LP | Sold out | 0.00% | −1.49 |
| KHC The Kraft Heinz Co. | Reduce -89.3% | 0.72% | −1.14 |
| EPD Enterprise Products Partners | Sold out | 0.00% | −1.13 |
| UTMD Utah Medical Products Inc. | Reduce -75.7% | 2.99% | −1.03 |
| XEMDX Western Asset Emrg MRKT DBT | Sold out | 0.00% | −0.94 |
| B Barrick Gold Corp. | Reduce -84.0% | 1.04% | −0.90 |
| D Dominion Energy Inc. | Sold out | 0.00% | −0.52 |
| BRZE Braze Inc. Class A | Sold out | 0.00% | −0.52 |
| NPK National Presto Inds Inc. | Reduce -80.1% | 1.49% | −0.48 |
| VALE Vale SA-SP ADR | Sold out | 0.00% | −0.41 |
| HAYN Haynes International Inc. | Sold out | 0.00% | −0.39 |
| ATRI Atrion Corporation | Reduce -81.5% | 1.44% | −0.32 |
| TAP Molson Coors Beverage Co. Class B | Sold out | 0.00% | −0.28 |
| NVS Novartis AG-Sponsored ADR | Sold out | 0.00% | −0.28 |
| OGN Organon & Co. | Reduce -82.1% | 1.45% | −0.26 |
| VFC VF Corp. | Sold out | 0.00% | −0.20 |
| BWXT BWX Technologies Inc. | Sold out | 0.00% | −0.19 |
| FRO Frontline PLC | Sold out | 0.00% | −0.18 |
| NS Nustar Energy LP | Sold out | 0.00% | −0.18 |
| ACVA Acv Auctions Inc. Class A | Sold out | 0.00% | −0.14 |
| GHY Pgim Global High Yield Fund | Sold out | 0.00% | −0.13 |
| AEM Agnico Eagle Mines Ltd. | Reduce -76.5% | 1.20% | −0.09 |
| MPLX MPLX LP | Reduce -72.7% | 1.66% | +0.18 |
| BRC Brady Corporation Class A | Reduce -52.2% | 0.71% | +0.30 |
| EMLC Vaneck JPM Em Local Curr BND | Reduce -63.2% | 1.44% | +0.32 |
| MTB M & T Bank Corp. | Reduce -45.6% | 0.81% | +0.42 |
| DVN Devon Energy Corp. | Reduce -59.2% | 1.46% | +0.57 |
Portfolio Buys Q4 2023 → Q1 2024
| ARR Armour Residential REIT Inc. | New | 11.22% | +11.22 |
| AGNC AGNC Investment Corp. | Add +260.0% | 11.62% | +10.74 |
| NLY Annaly Capital Management Inc. | Add +255.2% | 11.40% | +10.53 |
| IDCC Interdigital Inc. | Add +113.3% | 2.22% | +1.93 |
| WTTR Select Water Solutions Inc. | New | 1.63% | +1.63 |
| DINO HF Sinclair Corp. | New | 1.59% | +1.59 |
| HEES H&E Equipment Services Inc. | Add +69.9% | 1.65% | +1.43 |
| TRAK Repositrak Inc. | Add +34.7% | 1.40% | +1.22 |
| DK Delek US Holdings Inc. | New | 1.15% | +1.15 |
| BAX Baxter International Inc. | New | 1.10% | +1.10 |
| AAP Advance Auto Parts Inc. | Add +17.5% | 1.30% | +1.08 |
| HCSG Healthcare Services Group | Add +65.6% | 1.13% | +0.97 |
| YORW York Water Co. | New | 0.89% | +0.89 |
| IP International Paper Co. | New | 0.83% | +0.83 |
| AA Alcoa Corp. | New | 0.77% | +0.77 |
| MOS The Mosaic Co. | New | 0.74% | +0.74 |
| GIL Gildan Activewear Inc. | New | 0.73% | +0.73 |
| CHCT Community Healthcare Trust I | New | 0.71% | +0.71 |
| KDP Keurig Dr Pepper Inc. | New | 0.70% | +0.70 |
| PRGO Perrigo Co. PLC | Add +13.0% | 0.82% | +0.62 |
| VHI Valhi Inc. | New | 0.57% | +0.57 |
| LXFR Luxfer Holdings PLC | New | 0.52% | +0.52 |
| MKTW Marketwise Inc. | Add +8.6% | 0.47% | +0.28 |
Notes & Other Activity Q4 2023 → Q1 2024
| IONIS PHARMACEUTICALS IN (IONS 0.125 12/15/24) | NOTE 0.125%12/1 · principal | Reduce -50.0% | 2,756,000 | $2.6M |
| JAZZ INVESTMENTS I LTD (JAZZ 1.5 08/15/24) | NOTE 1.500% 8/1 · principal | Sold out | 1,265,000 | $1.2Mbefore exit |
| VERINT SYSTEMS INC (VRNT 0.25 04/15/26) | NOTE 0.250% 4/1 · principal | New | 500,000 | $469K |
| LENDINGTREE INC (TREE 0.5 07/15/25) | NOTE 0.500% 7/1 · principal | New | 500,000 | $464K |
| CONMED CORP (CNMD 2.25 06/15/27) | NOTE 2.250% 6/1 · principal | New | 500,000 | $460K |
| CARDLYTICS INC (CDLX 1 09/15/25) | NOTE 1.000% 9/1 · principal | New | 500,000 | $457K |
| PERFICIENT INC (PRFT 0.125 11/15/26) | NOTE 0.125%11/1 · principal | Sold out | 500,000 | $414Kbefore exit |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 8 | $12.5M | NLY, AGNC, ARR, PHAT, EMLC |
| Q1 2026 | 8 | $12.6M | NLY, AGNC, ARR, RBRK, PHAT |
| Q4 2025 | 11 | $160.0M | LQD, NLY, AGNC, ARR, PFF |
| Q3 2025 | 59 | $40.9M | NLY, AGNC, PFF, ARR, PKE |
| Q2 2025 | 63 | $45.1M | RBRK, NLY, AGNC, PFF, ARR |
| Q1 2025 | 57 | $39.5M | NLY, AGNC, PFF, ARR, RBRK |
| Q4 2024 | 56 | $38.6M | AGNC, ARR, NLY, PFF, AES |
| Q3 2024 | 49 | $35.1M | AGNC, NLY, ARR, PFF, CMTL |
| Q2 2024 | 53 | $30.3M | AGNC, NLY, ARR, PFF, PHAT |
| Q1 2024 | 52 | $30.7M | AGNC, NLY, ARR, PFF, UTMD |